What’s the Deal with Digital Payment and Currency in Gaming?

Both in online casinos, and the more traditional video games found on the likes of Steam, digital currencies play a huge part, but why is this?

Unless you’ve been living under a WiFi-less rock for the last few years, you've probably noticed a huge rise in the prevalence of digital currencies. Starting as a curiosity and thought experiment of what the online age could bring, these have gone on to become a major international financial force.

While these can be used to purchase a wide range of different goods and services, perhaps no one area is as illustrative of their success as that of online gaming. Both in online casinos, and the more traditional video games found on the likes of Steam, digital currencies play a huge part, but why is this?

Online Casinos

The driving force behind much of this progress has come from the now extremely popular world of online casinos. Check any online casino guide and you’ll find dozens of options available for punters. These commonly include big bonuses, hundreds of games, and all the safety you would expect from established and regulated industries.

It is true that when many people think of online games today they think of Call of Duty, Dota 2, or Fortnite, but at least when it comes to currency, online casinos lead the way. Working as they have over many countries has necessitated a broader approach to payment, and this is what opened the door to non-fiat currencies.

At this point, there are many casinos which offer direct deposits and withdrawals from some of the most established systems on this front. It's important to note, however, that many of these have created a backbone through fiat currency digital payment systems.

CasinoGuide’s recommended PayPal casinos, for example, all work with the biggest established digital payment systems in the world. This, on top of all the games and bonuses which users would expect from any other top list of the internet’s best casinos. Paypal was especially fundamental in forging this path, having been founded back in 1998.

Video Games

When it comes to video games, the relationship between digital currencies and the industry is still in flux. Some storefronts, like Good Old Games, have widened out to accept PayPal, as casinos have, but other than this addition they can be quite limited.

There was a point where Steam accepted BitCoin as a method of payment. After a short while, this support was dropped, with parent company Valve citing “high fees and volatility” as the reason for lapsed support.

Bridging the Gap?

In most ways, casino and video games have remained separate parts of a whole. The gambling industry has been regulated, and effectively operates as safely and as well understood as can be. After all, it has been operating offline for thousands of years, in some form or another.

With increasing regulation now finding themselves involved in video games, and a greater focus on gambling mechanics than ever before, we have to wonder where this next step might land. Are video games going to adopt similar in-system digital payment methods as online casinos, or will they continue to lean on their own smaller proprietary currencies?

Whatever the case, the framework by online casinos has been laid, which should at least make adoption a relatively simple matter. As the next generation approaches, and the market continues to expand, expect development on this front to happen sooner, rather than later.